Deferred Compensation News and Updates

Deferred Compensation News brings you the latest information and insights on 409A nonqualified deferred compensation; institutional COLI, BOLI, and ICOLI; tax-and cost-efficient non-COLI funding strategies; low-cost tax managed non-COLI asset/liability designs; executive benefits benchmarking; succession planning and timely issues of executive pay and benefits. Click here to read all recent articles related to the impact of the COVID-19 Pandemic.
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February 26, 2020

March Compliance Calendar for Retirement Plans and Other Benefit Plans

retirement plan compliance

Here is a checklist of 2020 compliance deadlines, covering retirement plans along with other health and welfare benefit plans. Thank you IslerDare PC for providing this information. Here are key March Deadlines for 2020: Date Action By March 1: File DOL1 Form M-1 for MEWA2s By March 2: Provide 2019 ACA3 information reporting returns (Forms 1095-B and 1095-C) to individuals By March 15: Deadline to apply to the IRS for a waiver of the minimum funding standard for defined benefit and money purchase pension plans Process corrective distributions to “cure” failed 2019 ADP/ACP tests4 for 401(k) plan to avoid paying the 10% excise tax (a later June 30 deadline applies to 401(k) plans with eligible automatic contribution arrangements) Fund all 2019 company contributions to retirement plans by due date for corporate tax return in order to deduct contributions for 2019 tax year (unless Form 7004 has been filed to extend due date for corporate tax return, permitting funding by September 15) File Form 8928 to report excise taxes for noncompliance with certain group health plan requirements (COBRA5; HIPAA6 special enrollment, portability and nondiscrimination rules; newborn mothers’ health; mental health parity; and failure to meet certain ACA requirements), unless Form 7004 has been filed
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January 31, 2020

February Compliance Calendar for Retirement Plans and Other Benefit Plans

retirement plan compliance

Thanks IslerDare PC for providing a checklist of 2020 compliance deadlines, covering retirement plans along with other health and welfare benefit plans. #retirementplan #fulcrumpartners #SECUREAct
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January 29, 2020

Legacy and Retirement Planning After the SECURE Act

retirement plan compliance

Fulcrum Partners is pleased to share these in-depth insights about the SECURE Act (Setting Every Community Up for Retirement), published January 23, 2020 by the AALU WR Newswire. The WRMarketplace is created exclusively for AALU members by experts at Baker Hostetler LLP and the AALU staff, led by Jonathan M. Forster, Partner, Rebecca S. Manicone, Partner, and Carmela T. Montesano, Partner. WR Marketplace #20-02 was written by Michael P. Vito, Counsel, and John F. DeStefano, Associate, Baker & Hostetler LLP. #secureact #plansponsor #retirement #retirementplan
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January 22, 2020

January Compliance Calendar for Retirement Plans and Other Benefit Plans

retirement plan compliance

Thanks again to IslerDare PC for sharing with us this timely checklist of 2020 compliance deadlines for retirement plans as well as health and welfare benefit plans. Here are key January Deadlines for 2020:   Deadlines   Date Action (passed) January 15 Post Schedule MB attachment from the 2018 Form 5500 (defined benefit pension plan actuarial information) on company intranet, assuming Form 5500 was filed by October 15 2019 (passed) January 15 Fund Quarter 4 2019 contribution to defined benefit pension plan   January 31 Report value of health coverage on Form W-2 January 31 Confirm retirement plan recordkeepers have provided Forms 1099 R to participants who received distributions in 2019 January 31 File Form 945 to report income tax withheld from retirement plan distributions during 2019   Other January Projects: Schedule quarterly meetings of Benefits Committee through December 31 Review first payroll file to confirm new deductions have been accurately loaded into internal systems (g. 401(k) deferrals and health and welfare plan premiums and deductions) and review payroll configuration to confirm it conforms to retirement plan definition of pay Confirm contracts for all benefit providers have been signed, including insurance policies, administrative service agreements, and HIPAA business associate agreements
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